Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$3,050/mo
Lowest payment- Down payment
- $95,318
- Funds due
- $109,462
- Interest + MI left
- $391,198
- First ends
- Mar 2053
Assumption
Assumption + second
$3,380/mo
+$330/mo- Down payment
- $54,318
- Funds due
- $69,772
- Interest + MI left
- $468,960
- First ends
- Mar 2053
New loan
New conventional
$3,761/mo
+$711/mo- Down payment
- $54,318
- Funds due
- $65,102
- Interest + MI left
- $701,278
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $438,682 | $438,682 | $479,682 |
| Second mortgage | — | $41,000 | — |
| First P&I | $2,634.54 | $2,634.54 | $3,249.53 |
| Second P&I | — | $329.90 | — |
| Mortgage insurance | — | — | $95.94 |
| Taxes, insurance & HOA | $415.25 | $415.25 | $415.25 |
| Total housing payment | $3,049.79 | $3,379.69 | $3,760.72 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$54,318
Closing costs & prepaids$15,454
Usable credit−$0
Total buyer cash needed$69,772
Earnest money paid−$0
Remaining funds due$69,772
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$5,340.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$2,193.41
Second-loan charges$1,250.00
Home insurance (12 months up front)$2,000.00
Insurance escrow (3 months)$500.00
Property tax escrow (3 months)$640.75
Initial HOA (3 months)$105.00
Prepaid interest, first (6 days)$396.62
Prepaid interest, second (6 days)$60.66
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing26 yr 3 moOf the original 30-year loan at 5.5%
Interest already paid$93,237Through Dec 2026
Assumption only · ends Mar 2053$391,198
Assumption + second · ends Mar 2053, second Jan 2057$468,960
New conventional · ends Jan 2057$701,278